In last week of 2015, Indian sponge makers reported better demand in domestic market.

Sources reported good demand for sponge iron including from scrap based markets. Manufacturers in scrap based markets are melting more sponge iron due to low cost and less availability of imported scrap delivery.

Trade-wise

1. Smelters from Mumbai and Jalna shared that they are buying sponge and Pig iron from Odisha rather than Chhattisgarh due to cheaper offers in the state.
2. Odisha based sponge makers reported bulk bookings of sponge iron. Most of the material has been booked by west and north based smelters at around INR 12,200-12,300/MT for 80 FeM lump.
3. A Raipur based large sponge manufacturer sold about 800 MT P-DRI lump of 80 FeM grade at INR 12,600/MT in local market.
4. A Durgapur based sponge manufacturer, Satyam Smelter reported to sold C-DRI at 13,200/MT (advance payment).
5. Cauvery Iron & Steel India from Hyderabad is offering 80 FeM P-DRI lump at INR 13,000/MT ex-plant. An another manufacturer namely Amoda Iron & Steel in this region is trading 75 FeM C-DRI lump at INR 12,600/MT in the local market.
6. Bellary (Karnataka) based sponge makers reported good demand from local market. 78 FeM C-DRI lump by Prakash Sponge, a premium quality maker, is being offered at INR 12,800/MT ex-plant.
7. Manufacturers and agents of sponge are anticipating an increase in iron ore offers by miners for Jan’16 deliveries.